Ghana is to receive an amount of $178.74 million credit facility from the International Monetary Fund (IMF).
This is after the Fund’s Board on July 13, 2012 completed the sixth and seventh reviews under its Extended Credit Facility (ECF) arrangement for Ghana and approved the disbursement of the amount, the last tranche of the ECF programme.
“The Executive Board’s decision will allow for the final disbursement of an amount equivalent to SDR 119.14 million (about $178.74 million), bringing total disbursements under the arrangement to an amount equivalent to SDR 387.45 million (about $581.28 million),” the IMF said in a statement.
In completing the reviews, the IMF said its Executive Board approved waivers for nonobservance of three performance criteria – “the net change in domestic arrears for end-December 2011, the fiscal balance target for end-March 2012, and the floor on net international reserves for end-March 2012”.
The Fund approves the three-year ECF arrangement with Ghana on July 15, 2009.
|Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.|